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Mindspace Business Parks REIT reported a strong operational performance for the first quarter of FY2026-27, with its net operating income (NOI) rising 28 per cent year-on-year to INR 788 crore. The company also announced a distribution of INR 442 crore to unitholders and leased 0.9 million square feet of office space during the quarter. The performance was supported by healthy leasing activity, strong demand across its business parks and a largely pre-committed under-construction portfolio. The REIT also expanded its integrated campus ecosystem by launching two new office projects and two hotel developments.
Mindspace Business Parks REIT reported a 28 per cent year-on-year increase in its net operating income (NOI) to INR 788 crore for the quarter ended June of FY2026-27. The company also announced a distribution of INR 442 crore to its unitholders for the first quarter of the current financial year.
During the April-June quarter, the office REIT leased 0.9 million square feet of commercial office space across its portfolio, reflecting continued occupier demand in key office markets.
Commenting on the quarterly performance, Ramesh Nair, Managing Director and Chief Executive Officer of Mindspace Business Parks REIT, said the company recorded a 27.8 per cent year-on-year growth in NOI and declared a distribution of INR 6.67 per unit, which was 15.2 per cent higher than the corresponding period last year. He attributed the performance to the strength of the company's portfolio, the quality of its assets and disciplined execution.
Nair further stated that demand across the company's office campuses continues to remain healthy, with most of its under-construction office assets scheduled for delivery over the next 12 months already pre-committed. He added that the company has launched two new office projects and two new hotels to further strengthen its integrated campus developments and improve the overall occupier experience.
Mindspace Business Parks REIT is sponsored by the K Raheja Corp Group and was listed on the Indian stock exchanges in 2020. Since its listing, the REIT has continued to expand its portfolio while maintaining a focus on Grade A commercial office assets in key business districts.
The REIT owns and manages office assets across the Mumbai Metropolitan Region, Pune, Hyderabad and Chennai. Its portfolio comprises a total leasable area of 46.2 million square feet, including 36 million square feet of completed office space, 6.6 million square feet under construction and 3.5 million square feet earmarked for future development. The continued addition of new office projects and hospitality assets is part of its strategy to create integrated business campuses that cater to evolving occupier requirements.
Source PTI
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